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Zee Tele to merge 6 overseas units
December 15, 2003 20:08 IST
Zee Telefilms Ltd on Monday approved the merger of all its five Mauritius-based subsidiaries, including Zee MGM, into Asia Today Ltd, its other overseas unit, and said it would shift the broadcasting operations of flagship channel Zee TV to India soon.
The Zee board on Monday decided to merge Software Suppliers International Ltd, engaged in marketing the company's products in West Asia and broadcasting the TRENDZ channel, and Zee Telefilms International Ltd, which carries out international syndication of ZTL content with ATL, also based in Mauritius and involved in the business of broadcasting Zee TV and Zee Cinema channels.
The other companies to be merged with ATL include Zee MGM, Expand Fast Holdings Ltd BVI and Asia TV (Africa) Ltd, earlier engaged in marketing and distribution of TV channels in Africa including South Africa, a company release said in Mumbai on Monday.
The company had earlier reorganised its international business operations whereby most of its TV channels, including Zee Cinema, Zee News and Alpha Channels, have been shifted to India.
"The restructuring of Indian and foreign subsidiaries of ZTL would make its corporate structure more attuned to its current business requirements while keeping it well equipped to all its needs in the current domestic and international business environment," CEO (corporate finance), Essel Group, Rajiv Garg, was quoted as saying.